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Chinese builder in debt jam says it will make bond payment

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WAOW Generic

BEIJING (AP) — A Chinese real estate developer that is struggling to avoid defaulting on billions of dollars of debt says it will make an interest payment due this week to bondholders in China. It gave no sign of plans to pay on a separate bond abroad. Meanwhile, the government added to investor anxiety by staying silent about whether it might intervene. Evergrande Group’s struggle to comply with financial limits imposed by regulators to curb China’s rising debt levels has prompted fears a default might cause global shockwaves. Economists say Beijing has the resources to prevent a credit crunch but wants to avoid appearing to arrange a bailout while it tries to force companies to reduce reliance on debt.

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